Missouri Revised Statutes
Chapter 376
Life, Health and Accident Insurance
←376.717
Section 376.718.1
376.720→
August 28, 2015
Definitions.
376.718. As used in sections 376.715 to 376.758, the following terms
shall mean:
(1) "Account", any of the accounts created under section 376.720;
(2) "Association", the Missouri life and health insurance guaranty
association created under section 376.720;
(3) "Benefit plan", a specific employee, union, or association of
natural persons benefit plan;
(4) "Contractual obligation", any obligation under a policy or
contract or certificate under a group policy or contract, or portion
thereof for which coverage is provided under the provisions of section
376.717;
(5) "Covered policy", any policy or contract or portion of a policy
or contract for which coverage is provided under the provisions of section
376.717;
(6) "Director", the director of the department of insurance,
financial institutions and professional registration of this state;
(7) "Extra-contractual claims", includes but is not limited to claims
relating to bad faith in the payment of claims, punitive or exemplary
damages, or attorneys fees and costs;
(8) "Impaired insurer", a member insurer which, after August 13,
1988, is not an insolvent insurer, and is placed under an order of
rehabilitation or conservation by a court of competent jurisdiction;
(9) "Insolvent insurer", a member insurer which, after August 13,
1988, is placed under an order of liquidation by a court of competent
jurisdiction with a finding of insolvency;
(10) "Member insurer", any insurer or health services corporation
licensed or which holds a certificate of authority to transact in this
state any kind of insurance for which coverage is provided under section
376.717, and includes any insurer whose license or certificate of authority
in this state may have been suspended, revoked, not renewed or voluntarily
withdrawn, but does not include:
(a) A health maintenance organization;
(b) A fraternal benefit society;
(c) A mandatory state pooling plan;
(d) A mutual assessment company or any entity that operates on an
assessment basis;
(e) An insurance exchange;
(f) An organization that issues qualified charitable gift annuities,
as defined in section 352.500, and does not hold a certificate or license
to transact insurance business; or
(g) Any entity similar to any of the entities listed in paragraphs
(a) to (f) of this subdivision;
(11) "Moody's Corporate Bond Yield Average", the monthly average
corporates as published by Moody's Investors Service, Inc., or any
successor thereto;
(12) "Owner", "policy owner", or "contract owner", the person who is
identified as the legal owner under the terms of the policy or contract or
who is otherwise vested with legal title to the policy or contract through
a valid assignment completed in accordance with the terms of the policy or
contract and properly recorded as the owner on the books of the insurer.
Owner, contract owner, and policy owner shall not include persons with a
mere beneficial interest in a policy or contract;
(13) "Person", any individual, corporation, partnership, association
or voluntary organization;
(14) "Premiums", amounts received on covered policies or contracts,
less premiums, considerations and deposits returned thereon, and less
dividends and experience credits thereon. The term does not include any
amounts received for any policies or contracts or for the portions of any
policies or contracts for which coverage is not provided under subsection 3
of section 376.717, except that assessable premium shall not be reduced on
account of subdivision (3) of subsection 3 of section 376.717 relating to
interest limitations and subdivision (2) of subsection 4 of section 376.717
relating to limitations with respect to any one life, any one participant,
and any one contract holder. Premiums shall not include:
(a) Premiums on an unallocated annuity contract; or
(b) With respect to multiple nongroup policies of life insurance
owned by one owner, whether the policy owner is an individual, firm,
corporation, or other person, and whether the persons insured are officers,
managers, employees, or other persons, premiums in excess of five million
dollars with respect to such policies or contracts, regardless of the
number of policies or contracts held by the owner;
(15) "Principal place of business", for a person other than a natural
person, the single state in which the natural persons who establish policy
for the direction, control, and coordination of the operations of the
entity as a whole primarily exercise that function, determined by the
association in its reasonable judgment by considering the following
factors:
(a) The state in which the primary executive and administrative
headquarters of the entity is located;
(b) The state in which the principal office of the chief executive
officer of the entity is located;
(c) The state in which the board of directors, or similar governing
person or persons, of the entity conducts the majority of its meetings;
(d) The state in which the executive or management committee of the
board of directors, or similar governing person or persons, of the entity
conducts the majority of its meetings; and
(e) The state from which the management of the overall operations of
the entity is directed;
(16) "Receivership court", the court in the insolvent or impaired
insurer's state having jurisdiction over the conservation, rehabilitation,
or liquidation of the insurer;
(17) "Resident", any person who resides in this state on the date of
entry of a court order that determines a member insurer to be an impaired
insurer or a court order that determines a member insurer to be an
insolvent insurer, whichever first occurs, and to whom a contractual
obligation is owed. A person may be a resident of only one state, which in
the case of a person other than a natural person shall be its principal
place of business. Citizens of the United States that are either residents
of foreign countries or residents of the United States' possessions,
territories, or protectorates that do not have an association similar to
the association created under sections 376.715 to 376.758 shall be deemed
residents of the state of domicile of the insurer that issued the policies
or contracts;
(18) "State", a state, the District of Columbia, Puerto Rico, and a
United States possession, territory, or protectorate;
(19) "Structure settlement annuity", an annuity purchased in order to
fund periodic payments for a plaintiff or other claimant in payment for or
with respect to personal injury suffered by the plaintiff or other
claimant;
(20) "Supplemental contract", any written agreement entered into for
the distribution of proceeds under a life, health, or annuity policy or
contract;
(21) "Unallocated annuity contract", any annuity contract or group
annuity certificate which is not issued to and owned by an individual,
except to the extent of any annuity benefits guaranteed to an individual by
an insurer under such contract or certificate.
(L. 1988 S.B. 430 § 4, A.L. 2010 S.B. 583)
1991
1991
376.718. As used in sections 376.715 to 376.758, the following terms
shall mean:
(1) "Account", any of the four accounts created under section 376.720;
(2) "Annuity or annuity contract", any annuity contract or group annuity
certificate which is issued to and owned by an individual. This definition of
"annuity or annuity contract" does not include any form of unallocated annuity
contract;
(3) "Association", the Missouri life and health insurance guaranty
association created under section 376.720;
(4) "Contractual obligation", any obligation under a policy or contract
or certificate under a group policy or contract, or portion thereof for which
coverage is provided under the provisions of section 376.717;
(5) "Covered policy", any policy or contract within the scope of
sections 376.715 to 376.758 under the provisions of section 376.717;
(6) "Director", the director of the department of insurance, financial
institutions and professional registration of this state;
(7) "Impaired insurer", a member insurer which, after August 13, 1988,
is not an insolvent insurer, and is deemed by the director to be potentially
unable to fulfill its contractual obligations, or is placed under an order of
rehabilitation or conservation by a court of competent jurisdiction;
(8) "Insolvent insurer", a member insurer which, after August 13, 1988,
is placed under an order of liquidation by a court of competent jurisdiction
with a finding of insolvency;
(9) "Member insurer", any insurer or health services corporation
licensed or which holds a certificate of authority to transact in this state
any kind of insurance for which coverage is provided under section 376.717,
and includes any insurer whose license or certificate of authority in this
state may have been suspended, revoked, not renewed or voluntarily withdrawn,
but does not include:
(a) A health maintenance organization;
(b) A fraternal benefit society;
(c) A mandatory state pooling plan;
(d) A mutual assessment company or any entity that operates on an
assessment basis;
(e) An insurance exchange; or
(f) Any entity similar to any of the entities listed in paragraphs (a)
to (e) of this subdivision;
(10) "Moody's Corporate Bond Yield Average", the monthly average
corporates as published by Moody's Investors Service, Inc., or any successor
thereto;
(11) "Person", any individual, corporation, partnership, association or
voluntary organization;
(12) "Premiums", amounts received on covered policies or contracts, less
premiums, considerations and deposits returned thereon, and less dividends and
experience credits thereon. The term does not include any amounts received
for any policies or contracts or for the portions of any policies or contracts
for which coverage is not provided under subsection 3 of section 376.717,
except that assessable premium shall not be reduced on account of subdivision
(3) of subsection 3 of section 376.717 relating to interest limitations and
subdivision (2) of subsection 4 of section 376.717 relating to limitations
with respect to any one life and any one contract holder;
(13) "Resident", any person who resides in this state at the time a
member insurer is determined to be an impaired or insolvent insurer and to
whom a contractual obligation is owed. A person may be a resident of only one
state, which in the case of a person other than a natural person shall be its
principal place of business;
(14) "Supplemental contract", any agreement entered into for the
distribution of policy or contract proceeds;
(15) "Unallocated annuity contract", any annuity contract or group
annuity certificate which is not issued to and owned by an individual, except
to the extent of any annuity guaranteed to an individual by an insurer under
such contract or certificate.
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